Etsy (ETSY) PT Raised to $85 at Guggenheim
Guggenheim analyst Steven Forbes raised the price target on Etsy (NASDAQ: ETSY) to $85.00 (from $75.00) while maintaining a Buy rating.
The analyst commented: "As summarized within Exbihits 1-3, ETSY's 1Q 2026 operating results broadly exceeded management's original 1Q guidance framework as well as our expectations—as evidenced by an ~3% revenue and ~5% adjusted EBITDA beat. Importantly, as detailed on pages 6-8, this performance coincided with broad-based "green shoots" across meaningful KPIs—a) quarter-over-quarter active customer gains for the first time since 4Q 2023, b) positive year-over-year growth in non-app GMS concurrent with double-digit growth in app GMS, c) year-over-year GMS per active buyer growth for the first time since 2022, d) year-over-year active seller growth for the first time since the seller set-up fee was introduced in early 2024, e) year-over-year growth in non-US currency-neutral GMS for the first time since 2023, f) sequential improvement in new buyer churn trends, and g) sequential improvement in reactivation trends. When combined with management's product development and marketing efficiency focus, we are raising our estimates and 12-month price target (to $85 from $75) while reiterating our BUY-rating. We provide some incremental learning below."